Gold hits one-year high while WTI and NY cocoa rally on tightening supply
Outlook on WTI, gold and cocoa amid tightening supply and softening US data.
WTI hits two-month high
The over 25% rally in the price of WTI on surprise OPEC+ production cuts announced over the weekend, leading to Monday’s large $75.76 to $79.02 gap, propelled the oil price to a two-month high at $81.79.
It was made close to the $82.65 to $83.26 resistance area which contains the January high and 200-day simple moving average (SMA) and which may cap. at least short-term.
Support can be spotted around the psychological $80 mark and along the breached November-to-March upper triangle line $79.74 with further support seen at the $79.02 gap high.
Unless the March-to-April gap is a breakaway gap, which would imply a much higher oil price, the gap is likely to at least partially get filled, probably this or next week.
Gold shoots upwards in light of softening US data
Gold’s rise above its March one-year high at $2,009 per troy ounce on softening US job openings has pushed the precious metal to levels last traded in March 2022 while targeting the all-time record high at $2,070.
Strong support can be spotted between the $2,009 to $2,003 previous resistance zone, the March highs, now because of inverse polarity a support zone, with further support found around the psychological $2,000 mark.
While no currently unexpected bearish reversal takes the precious metal to below Monday’s $1,950 low, the all-time March 2022 high at $2,070 remains in sight.
NY cocoa futures resume their ascent
At the end of March NY cocoa futures rose to levels last traded in February 2020 at $2,930 per metric ton on the back of tight supplies in top grower Ivory Coast.
On Monday the contract revisited last week’s low at $2,831 which held, though, and is from where Tuesday’s recovery rally back towards the $2,900 region began. Above it lie the March peak at $2,930 and the February 2020 peak at $2,933, ahead of the psychological $3,000 mark, all of which remain in focus while $2,831 underpins on a daily chart closing basis.
The price of cocoa has risen by over 30% from its October 2022 low and looks to be on track to reach a new all-time record high in the near future.
Immediate support can be seen at the $2,855 early March high, the recent lows at $2,831 and at the $2,810 late February high.
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